The announcement of demonetization by the Indian government in late november , 2016 gave country’s people a big big shock except for companies who are mobile wallet providers. Their business got a huge boom , mobile wallets becomes necessity for common men during that time. As the demand of mobile wallet has gone up , so is the demand of app developer in Delhi and all over India has also gone up to large extent.
“Where by the use of mobile devices any person can easily send or receive money no matters whether they are businessmen or individuals , are known to be mobile wallet payment services .They are form of e-commerce model that can be easily used by mobile devices and are very easy to access. We can also call mobile wallets as mobile money or mobile money transfer.”
There was been a revolutionized change in the economy of India .Starting from a very small street shop owners to branded showrooms , everyone started accepting payment through mobile wallets. This revolution has helped people to avoid the long queues outside ATM’s and banks. If some business owners are not familiar with mobile payment options , feels lost somewhere in the destiny.
The fear of loosing sales during demonetization have forced every shop owners to opt for mobile payment options , and that is the reason mobile payment options has come as blessings for their business after demonetization.
What is UPI ?
Unified Payment Interface(UPI) is payment system allowing you to transfer money just like NEFT/IMPS between the two parties with just a click away.
It has made easy for the people to pay directly from their respective bank accounts to the seller without remembering the card number or net banking passwords.
What will face hurdle in near future
The biggest disadvantage of wallet system is the sender and receiver of the money must have account with the same mobile wallet companies , and thus forcing them to use only various wallets for different type of people. Another drawback is wallet does not earn any interest.
Also the biggest hindrance that all specially the small vendors are facing is they cannot withdrew more than Rs 25000 in a month to their bank account , thus affecting cash flow of merchants to large extent. Another disadvantage is mobile wallets can be used by only Smartphone users.
UPI fills the void
As mobile wallets have many disadvantages , the next best substitute available is debit and credit cards. Acceptance of debit/credit card largely depends on merchant acceptability.
UPI had been introduced by RBI in 2016 is the best alternative available till now for bank to bank transfer. In today world wallet is famous, but in tomorrows world direct payment system may get ahead of mobile wallet.
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